Bridgewater Associates LP Sells 11,028 Shares of McKesson Co. (NYSE:MCK)

Bridgewater Associates LP lessened its holdings in McKesson Co. (NYSE:MCK) by 4.3% during the third quarter, HoldingsChannel.com reports. The fund owned 246,237 shares of the company’s stock after selling 11,028 shares during the period. Bridgewater Associates LP’s holdings in McKesson were worth $121,744,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of MCK. RFP Financial Group LLC grew its holdings in shares of McKesson by 9.8% during the 2nd quarter. RFP Financial Group LLC now owns 191 shares of the company’s stock valued at $112,000 after purchasing an additional 17 shares during the last quarter. Modera Wealth Management LLC boosted its position in McKesson by 2.2% in the second quarter. Modera Wealth Management LLC now owns 804 shares of the company’s stock valued at $470,000 after buying an additional 17 shares in the last quarter. Larson Financial Group LLC grew its stake in shares of McKesson by 1.6% during the second quarter. Larson Financial Group LLC now owns 1,094 shares of the company’s stock worth $639,000 after buying an additional 17 shares during the last quarter. Lester Murray Antman dba SimplyRich increased its holdings in shares of McKesson by 0.4% during the second quarter. Lester Murray Antman dba SimplyRich now owns 5,026 shares of the company’s stock worth $2,935,000 after buying an additional 19 shares in the last quarter. Finally, Black Diamond Financial LLC lifted its stake in shares of McKesson by 1.3% in the 3rd quarter. Black Diamond Financial LLC now owns 1,525 shares of the company’s stock valued at $754,000 after acquiring an additional 19 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

Insider Activity

In other news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the completion of the sale, the chief executive officer now owns 78,586 shares in the company, valued at $44,094,604.60. The trade was a 4.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.11% of the company’s stock.

McKesson Price Performance

Shares of NYSE:MCK opened at $625.00 on Wednesday. McKesson Co. has a 1 year low of $431.35 and a 1 year high of $637.51. The business’s 50-day moving average is $535.14 and its 200-day moving average is $558.45. The company has a market capitalization of $79.34 billion, a price-to-earnings ratio of 32.37, a P/E/G ratio of 1.33 and a beta of 0.44.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.88 by $0.19. The firm had revenue of $93.65 billion for the quarter, compared to analyst estimates of $89.33 billion. McKesson had a negative return on equity of 207.50% and a net margin of 0.77%. The company’s revenue was up 21.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $6.23 earnings per share. Analysts anticipate that McKesson Co. will post 32.78 EPS for the current year.

McKesson Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend is Monday, December 2nd. McKesson’s payout ratio is 14.71%.

Analyst Upgrades and Downgrades

MCK has been the subject of a number of recent research reports. Citigroup upped their target price on McKesson from $630.00 to $713.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Baird R W raised McKesson from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 7th. Deutsche Bank Aktiengesellschaft cut their target price on shares of McKesson from $623.00 to $579.00 and set a “buy” rating on the stock in a research report on Wednesday, September 25th. Evercore ISI upped their price target on shares of McKesson from $560.00 to $680.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Finally, Leerink Partners cut their price target on shares of McKesson from $665.00 to $630.00 and set an “outperform” rating on the stock in a report on Monday, October 7th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, McKesson has a consensus rating of “Moderate Buy” and an average price target of $631.57.

About McKesson

McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions, and International. The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs, and other healthcare-related products.